Question 2

Mike is a first-year university student who is trying to understand his financial situation.Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him 900 per month. Mike saves 300 out of the part time job pay for his furthereducationplan.

a. As to the below Travel Expenses table published by the Students' Union, 230students were randomly selected to help understand the travel expenses anddistance to campus. What is the probability for Mike to spend over 10 on journeys to campus?

b. Howmuch isthe frequencyforstudentslivingover 1mile awayfromthecampus?

c. AstothecategoryofAmount Spent,,what isthemodalgroup?

d. Assuming Mike is saving the same amount per month in the next 3 years. How muchdoes Mike get for his saving after 3 years, if his saving account pays simple interestrate5%perannum?

e. Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays compoundinterestrate5%perannum?